Mitsubishi UFJ Asset Management Co. Ltd. Has $19.56 Million Holdings in Assurant, Inc. (NYSE:AIZ)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Assurant, Inc. by 21.6% during the first quarter, holding 93,244 shares valued at approximately $19.56 million.
• Assurant reported $5.56 EPS for the last quarter, exceeding estimates by $1.13, with revenue of $3.16 billion, up 8.0% year-over-year.
• The company announced a quarterly dividend of $0.80 per share, yielding 1.6%, with a payout ratio of 23.17%.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 21.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,244 shares of the financial services provider's stock after purchasing an additional 16,545 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Assurant worth $19,558,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in Assurant by 12.7% during the 1st quarter. Bank of New York Mellon Corp now owns 3,740,659 shares of the financial services provider's stock valued at $784,603,000 after purchasing an additional 420,069 shares during the last quarter. Northern Trust Corp lifted its holdings in Assurant by 23.1% during the 4th quarter. Northern Trust Corp now owns 831,864 shares of the financial services provider's stock valued at $177,370,000 after purchasing an additional 156,364 shares during the last quarter. Clark Capital Management Group Inc. increased its position in Assurant by 1.2% during the 4th quarter. Clark Capital Management Group Inc. now owns 607,458 shares of the financial services provider's stock worth $129,522,000 after buying an additional 7,211 shares during the period. Deutsche Bank AG increased its position in Assurant by 5.6% during the 1st quarter. Deutsche Bank AG now owns 581,411 shares of the financial services provider's stock worth $121,951,000 after buying an additional 30,629 shares during the period. Finally, First Manhattan CO. LLC. increased its position in Assurant by 3.9% during the 4th quarter. First Manhattan CO. LLC. now owns 394,044 shares of the financial services provider's stock worth $84,018,000 after buying an additional 14,610 shares during the period. Institutional investors and hedge funds own 92.65% of the company's stock.

Insider Transactions at Assurant

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total value of $813,267.00. Following the transaction, the executive vice president directly owned 7,875 shares of the company's stock, valued at approximately $1,642,173.75. The trade was a 33.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Dimitry Dirienzo sold 950 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $204.96, for a total value of $194,712.00. Following the completion of the transaction, the chief accounting officer directly owned 3,135 shares in the company, valued at approximately $642,549.60. This trade represents a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.51% of the company's stock.

Assurant Trading Down 0.2%

Shares of Assurant stock traded down $0.36 during midday trading on Friday, reaching $212.57. The company had a trading volume of 109,068 shares, compared to its average volume of 488,637. The stock has a fifty day moving average price of $194.38 and a 200 day moving average price of $199.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market cap of $10.73 billion, a PE ratio of 15.41 and a beta of 0.58. Assurant, Inc. has a fifty-two week low of $174.97 and a fifty-two week high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $1.13. Assurant had a return on equity of 16.47% and a net margin of 5.83%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the firm earned $4.77 earnings per share. The firm's quarterly revenue was up 8.0% on a year-over-year basis. On average, equities analysts anticipate that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.5%. Assurant's payout ratio is currently 23.17%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Stephens assumed coverage on Assurant in a research report on Tuesday. They set an "overweight" rating on the stock. Morgan Stanley lifted their target price on Assurant from $217.00 to $218.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. BMO Capital Markets initiated coverage on Assurant in a research report on Tuesday. They issued an "outperform" rating and a $238.00 target price on the stock. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Benchmark initiated coverage on Assurant in a research report on Tuesday. They issued a "buy" rating on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.57.

About Assurant

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.